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Question ????

Poonam (article) (312 Points)

01 April 2011

I have query regarding articleship norms. Plz solve it..

My name is Poonam Mehta. I have completed 2 year and 3 months period of my articleship. I am going to give my CA final attempt in May 2011. I am on exam leave right now. My problem is that due to some personnel problem , i will have to do job after completion of my exam. So after completion of exam if i will take termination from my articleship then whether my result will be come or withdrawn. ?? If i will rejoin articleship in future then i will have to complete the balance period or 3 years as whole???

Waiting your favourable reply.

Thanking you .

Regards,

Poonam Mehta

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8 Replies

Martianman (student) (115 Points)
Replied 01 April 2011

you have to complete the remaining period only if you follow the procrdures(108,109 etc)

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Ritesh Indian Son[CMA*CS*CA] (" Simple Living High Thinking ") (4117 Points)
Replied 01 April 2011

If u join in future then d further period of articleship should be completed by u.

(Guest)

Completion of Article ship is not a condition to get your Exam Result.

So, your Result won’t be withheld even if you terminate your Article ship, now.

Once you are eligible for Exams (after completion of minimum period of Article ship), you can complete it anytime before applying for Membership, & at that time you need to complete its remaining part only.

G NAGA RAJU (PARTNER) (24 Points)
Replied 01 April 2011

The company has the plans to take 3 to 5 crores from Non resident indians and most of the NRI's are relatives of the indian directors The company is in a situation whether to take the money as the Loan from NRI's or take the money as an equity in to the company. What are the procedures to be followed on these fronts..

CA. Anuj Gupta (Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA) (7019 Points)
Replied 03 April 2011

Dear Anuj, the indian private limited company wants to procure the funds from NRI's to the tune of 5 crores. What are the procedures to be followed in case if the company a) Takes the amount as a loan from the NRI

There are very detailed procedures and rules for the Company taking loan from NRI(ECB and NCD).The end use of funds, tenure and rate of interest is predefined in the same.Kindly consider whether you wish to go for the same.

b) Invite them as investors in to the company by allotting the equity.

Here it needs to be checked whether the money is being brought on repatriation basis or non-repatriation basis. Also the sector in which the Company is working shall also be needed to looked into.

Is there any condition that they should be relatives to the directors of the company.

No, there is no such requirement for bringing in equity.

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Poonam (article) (312 Points)
Replied 05 April 2011

thanx for ur valuable answers.

one last question _ one of my friend says that you have to rejoin within 6 months to fulfill the remaining period of articleship. If you rejoin after 6 month then you will have to start your articleship from the bottom.

Is this true??